In-line PCE and firmer tariff plans frame QQQ’s 0.69% decline

QQQ opened 0.82% higher and SPY 0.42% higher, then finished the following overnight session down 0.69% and 1.00% respectively. QQQ led SPY by 0.31 percentage points. December core PCE inflation was 2.8% year over year as expected, while personal spending rose 0.7% month over month versus 0.5% estimated. The White House maintained a February 1 deadline for planned 25% tariffs on Mexico and Canada and 10% on China. Trump also outlined prospective tariffs on chips, oil and gas. Apple reportedly canceled a Mac-connected AR glasses project, and OpenAI launched o3-mini after the close.